CPM criticises PM’s measures to tackle meltdown effects

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Kolkata, Oct 14 : The CPI(M) on Tuesday criticised Prime Minister Manmohan Singh’s measures to tackle the effects of severe financial crisis in the US and warned that the measures undertaken will only help big corporates and private financial institutions. The party also demanded the government should cut prices of diesel and petrol by Rs 2 and Rs 4, respectively, to rein in the spiralling price hike. The party concluded its three-day Central Committee meeting in Kolkata on Tuesday.

“The neo-liberal philosophy that market is supreme is severely challenged as we see in America. Our Prime Minister is pursuing the same policies or is trying to pursue the policies of the US which have spelt doom for the financial system in the US. If India has been spared some of the effects, it is because of the role played by the Left,” CPM general secretary Prakash Karat said.

The party contended the severe financial crisis in the US has become a global crisis. Both the Prime Minister and the finance minister, the party alleged, are architects of the legislation which aims at opening up the banking and the financial sector to foreign capital. The party further criticised the Centre’s move to put pension funds of the government employees in the stock market.

“Chidambaram should answer what would have happened to the pension money of lakhs of government employees as the stock markets have lost 40% of its value following the financial crisis. Manmohan Singh is making the recipe of importing the crisis here,” said Karat. “They are also trying to open up private banks to foreign capital here,” Karat added.